Dubai – Mubasher: The UAE’s gross domestic product (GDP) is expected to grow 3.4% year-on-year to AED 1.6 trillion in 2018.
Despite its heavy dependency on oil returns, the UAE has the most diversified economy in the GCC, as the Emirati non-oil sector makes up 70% of the GDP – which is expected to rose to 80% by 2020, according to a report released by the Ministry of Economy.
Abu Dhabi and Dubai are maintaining their roles in boosting the national economy, the report said.
The industrial sector accounts for 53% of the UAE’s non-oil exports and its contribution to the GDP is expected to record 25% by 2025, attracting $75 billion in investments, the ministry revealed.
The UAE is a pioneer in the development of green and renewable energy sector. Its national plan is to depend only on green and renewable energy by 2050 and to cover 25% of its energy needs from solar energy by 2030.
